experience and strategy

If you need life insurance, but aren’t sure you can afford it, a term life insurance policy may be a great option. With a term life insurance policy, you choose how long you would like the policy to cover you. You’re able to select a term policy for a period of time that works best for your needs, such as 10, 20, or 30 years. Term life is affordable and your premium payments are generally guaranteed to remain the same for the term period you select.

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Your life changes, so you need options that can help you keep up. A universal life insurance policy offers permanent life insurance with flexible premiums. This allows you to adjust the amount you pay each year – even month to month – as long as you have enough account value. You may also choose a policy with a guaranteed death benefit  , which means your family is guaranteed to receive a lump sum of money in the event of your passing.

Whole life insurance is a permanent policy, which gives you guaranteed protection for your loved ones that lasts a lifetime. With whole life insurance, unlike term, you build guaranteed cash value , which you can use however you want. Participating whole life insurance is eligible to earn dividends,1 which can be used to increase the death benefit  and the cash value of the policy. Or there are other options you could choose, such as using dividends to help pay premiums.

Limited pay life insurance allows you to prepay for the entire cost of your coverage for a set number of years. You may select limited-pay life insurance if you have a whole-life policy but want to pay for the total cost of your premiums for a certain period instead of over a lifetime.

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When choosing the limited pay whole-life option, the payment length must be determined at the initial purchase of the policy. Premiums are typically paid over 5, 10 to 20 years.

Index Universal Life insurance policies can help you to build wealth while leaving behind a death benefit for your loved ones. These policies put a portion of the policyholder’s premium payments toward annual renewable term insurance with the remainder added to the cash value of the policy after fees are deducted. On a monthly or annual basis, the cash value is credited with interest based on increases in an equity index.

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VUL is a permanent* life insurance policy with the potential to earn cash value over time. It’s similar to UL insurance, but instead of earning a specific crediting rate on the cash-value component, VUL allows you to put some or even all of the cash value you may have in your policy, into a “variable account” comprised of investment funds.  

The main benefit of life insurance is to create an estate that can provide for survivors or leave something to charity. Single-premium life (SPL) is a type of insurance in which a lump sum of money is paid into the policy in return for a death benefit that is guaranteed until you die.

With single-premium life insurance single-premium life insurance. the cash invested builds up quickly because the policy is fully funded. 

Simplified issue insurance is a life insurance policy you can be approved for with minimal health questions. This type of insurance is typically geared towards people who need to obtain life insurance right away and/or those who don’t wish to submit to a medical exam.

With a simplified issue policy, there’s no requirement for a full medical exam, so you can have coverage in days – not weeks or months.

For many, a hybrid insurance policy, which combines life and long-term care insurance, continues to be an attractive option. These policies help protect a retirement nest egg from being depleted by expenses incurred when retirees can no longer care for themselves.

BOLI, or bank-owned life insurance, is just what it sounds like: a life insurance policy you can buy to insure the lives of your key employees. This tax-advantaged asset acts similarly to a bond, allowing banks to offset the expenses needed for superior benefits and/or informally fund executive benefits. The bank owns the policy and is named the beneficiary. The bank benefits from the tax-free or tax-deferred nature of the policy.

Corporate Owned Life Insurance (COLI) is an investment alternative to Mutual Fund scenarios that allow a corporation to accumulate a tax-deferred asset. The company purchases and owns a life insurance policy on a key employee and is the primary beneficiary.

A life settlement refers to the sale of an existing insurance policy to a third party for a one-time cash payment. Payment is more than the surrender value but less than the actual death benefit. After the sale, the purchaser becomes the policy's beneficiary and assumes payment of its premiums. By doing so, they receive the death benefit when the insured dies.

A life settlement agreement is closely related to a viatical agreement.